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Insurers face increased claims from climate change. The United States had 22 climate-change-related disasters in 2020, according to the National Oceanic and Atmospheric Administration. Each of those catastrophic events created losses of more than $1 billion, and the total losses of all events cost $95 billion.
Insurers tend to innovate slowly in an attempt to get things “right” in a heavily regulated industry. But that is changing. COVID and climate change have accelerated the digitalisation of the insurance industry, and there is no going back. The time to act fast is now.
Technology is remaking the insurance industry. New capabilities and efficiencies mean insurers must keep up with new apps, software, and insurtech services that can put them on the cutting edge. Part of competing means keeping costs low, and there are many new ways to do that.
Innovation rules the day when it comes to the insurance industry. In an increasingly unpredictable world, companies that adjust their product offerings to changes in the social, economic, and physical environment are most likely to remain relevant—and attract more customers.
Like it or not, today’s insurance market is experiencing disruption. Cloud computing, artificial intelligence, blockchain and many others are revolutionising the fields of finance and insurance. What that means in practical terms is big changes for insurance as we know it.
The insurance industry faces some tough challenges ahead owing to a number of externally driven factors. A variety of macro-environmental threats, such as climate change mean insurers are encountering higher risks, as do their policyholders, who expect adequate protection and added value from their insurer.